Alliancebernstein L.P. Has $54.96 Million Position in Broadridge Financial Solutions, Inc. (BR)
Alliancebernstein L.P. cut its stake in Broadridge Financial Solutions, Inc. (NYSE:BR) by 8.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 727,317 shares of the business services provider’s stock after selling 67,186 shares during the period. Alliancebernstein L.P. owned 0.62% of Broadridge Financial Solutions worth $54,956,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. OppenheimerFunds Inc. boosted its holdings in Broadridge Financial Solutions by 20.4% in the first quarter. OppenheimerFunds Inc. now owns 12,353 shares of the business services provider’s stock valued at $839,000 after acquiring an additional 2,092 shares during the last quarter. Morgan Stanley boosted its holdings in Broadridge Financial Solutions by 47.0% in the first quarter. Morgan Stanley now owns 454,416 shares of the business services provider’s stock valued at $30,878,000 after acquiring an additional 145,274 shares during the last quarter. Confluence Investment Management LLC boosted its holdings in Broadridge Financial Solutions by 2.6% in the second quarter. Confluence Investment Management LLC now owns 994,106 shares of the business services provider’s stock valued at $75,115,000 after acquiring an additional 25,421 shares during the last quarter. Alta Capital Management LLC bought a new stake in Broadridge Financial Solutions in the second quarter valued at approximately $14,740,000. Finally, Schwab Charles Investment Management Inc. boosted its holdings in Broadridge Financial Solutions by 8.7% in the first quarter. Schwab Charles Investment Management Inc. now owns 358,543 shares of the business services provider’s stock valued at $24,363,000 after acquiring an additional 28,636 shares during the last quarter. Institutional investors and hedge funds own 84.29% of the company’s stock.
In other Broadridge Financial Solutions news, insider Adam D. Amsterdam sold 17,813 shares of Broadridge Financial Solutions stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $76.96, for a total value of $1,370,888.48. Following the transaction, the insider now directly owns 20,646 shares of the company’s stock, valued at approximately $1,588,916.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Stuart R. Levine sold 7,868 shares of Broadridge Financial Solutions stock in a transaction that occurred on Friday, August 18th. The stock was sold at an average price of $76.58, for a total value of $602,531.44. Following the completion of the transaction, the director now directly owns 39,747 shares in the company, valued at $3,043,825.26. The disclosure for this sale can be found here. 3.50% of the stock is owned by insiders.
Shares of Broadridge Financial Solutions, Inc. (BR) opened at 79.30 on Friday. The company has a 50-day moving average price of $76.84 and a 200 day moving average price of $73.09. The company has a market capitalization of $9.24 billion, a PE ratio of 29.37 and a beta of 0.97. Broadridge Financial Solutions, Inc. has a one year low of $59.86 and a one year high of $80.48.
Broadridge Financial Solutions (NYSE:BR) last announced its quarterly earnings results on Thursday, August 10th. The business services provider reported $1.71 EPS for the quarter, hitting the Zacks’ consensus estimate of $1.71. The business had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.31 billion. Broadridge Financial Solutions had a return on equity of 37.99% and a net margin of 7.89%. The business’s quarterly revenue was up 38.1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.45 EPS. Equities analysts anticipate that Broadridge Financial Solutions, Inc. will post $3.71 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 3rd. Shareholders of record on Friday, September 15th will be paid a $0.365 dividend. This is a boost from Broadridge Financial Solutions’s previous quarterly dividend of $0.33. This represents a $1.46 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date of this dividend is Thursday, September 14th. Broadridge Financial Solutions’s payout ratio is 48.35%.
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Several brokerages recently commented on BR. BidaskClub upgraded Broadridge Financial Solutions from a “buy” rating to a “strong-buy” rating in a report on Wednesday, June 28th. Barclays PLC upped their target price on Broadridge Financial Solutions from $72.00 to $74.00 and gave the company an “equal weight” rating in a report on Friday, August 11th. Finally, DA Davidson began coverage on Broadridge Financial Solutions in a report on Monday, August 7th. They issued a “neutral” rating and a $74.00 target price on the stock. Five research analysts have rated the stock with a hold rating, Broadridge Financial Solutions presently has an average rating of “Hold” and an average price target of $74.00.
Broadridge Financial Solutions Profile
Broadridge Financial Solutions, Inc (Broadridge) is a provider of investor communications and technology-driven solutions to banks, broker-dealers, mutual funds and corporate issuers. The Company’s segments include Investor Communication Solutions, and Global Technology and Operations. The Company offers Bank/Broker-Dealer Investor Communication Solutions, Customer Communication Solutions, Corporate Issuer Solutions, Advisor Solutions and Mutual Fund and Retirement Solutions through Investor Communication Solutions segment.
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